Procjena učinka javnog duga na dohodovnu nejednakost zemalja OECD-a s aspekta financijskog sustava

master's thesis

• Title (english): Public debt and its impact on income inequality in OECD members from the perspective of the financial system
• Author: Dora Walter
• Mentor: Lorena Škuflić (mentor)
• Committee member: Lorena Škuflić (predsjednik povjerenstva)
• Committee member: Nika Šimurina (član povjerenstva)
• Committee member: Valentina Vučković (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2023-06-27, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

U ovom diplomskom radu istražuje se tvrdnja da javni dug ima nezanemariv utjecaj na transfer dohotka između različitih socio-ekonomskih skupina, u gospodarstvima u kojima vlasništvo nad javnim dugom nije ravnomjerno raspoređeno. Teorijska podloga temelji se na konceptu redistribucije, prema kojem su pripadnici viših dohodovnih skupina dominantni vlasnici javnog duga. Pritom trenutna progresivnost poreznih sustava nije dovoljna kako bi se poništio redistribucijski efekt, proizašao iz ostvarivanja primitaka od kamata na javni dug. Osim toga, istraživanje uzima u obzir i financijsku strukturu, koja se mjeri omjerom bankovnog i tržišnog financiranja, s obzirom na to da ona ima značajnu ulogu u oblikovanju obrazaca raspodjele dohotka. Empirijski dio ovog rada proveden je dinamičkim panel modelom na uzorku od 27 zemalja članica OECD-a, u razdoblju od 2004. do 2021. godine. Rezultati istraživanja u skladu su s postavkama teorije redistribucije, a pokazali su da porast zaduživanja države uzrokuje redistribuciju dohotka od nižih prema višim dohodovnim skupinama u dugom roku, dok u kratkom roku veća usmjerenost financijskog sustava na bankovno financiranje smanjuje nejednakost u raspodjeli dohotka.

Abstract (english)

This thesis studies the claim that in countries where public debt ownership is not distributed equally, public debt has a non-negligible effect on the transfer of income between different socioeconomic groups. The theory of redistribution, which argues that individuals from higher income groups are the dominant holders of public debt, serves as the theoretical foundation for the aforementioned argument. The redistribution impact based on the realization of receipts from interest on the public debt, cannot be completely offset by the insufficient progressiveness of the tax system. Given that it significantly affects how income is distributed, the study also considers the financial structure, which is measured by the ratio of bank-based to market-based financing. The empirical part of this work was conducted using a dynamic panel model on a sample of 27 OECD member countries, in the period from 2004 to 2021. According to the research findings, which are consistent with the redistribution theory, an increase in state borrowing leads to a redistribution of income from lower to higher income groups in the long- term, while an increase in the financial system's emphasis on bank financing results in a short- term decrease in income inequality.

• Keywords: dohodovna nejednakost; financijska struktura; teorija redistribucije; panel VECM
• Keywords (english): income inequality; financial structure; redistribution theory; panel VECM
• Language: croatian
• URN:NBN: urn:nbn:hr:148:390816
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2023-06-29 06:12:01